BP leadership suffers defeat as shareholders revolt over climate transparency
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The news: BP’s new leadership faced a strong pushback from shareholders at its annual meeting on Thursday as investors voted against two resolutions supported by management, while chairman Albert Manifold faced a sizeable protest vote.
The context: Investors rejected management’s proposals that would have allowed fully virtual annual meetings and revoked climate disclosure obligations, with both only gaining the support of 47% of voting investors, meaningfully below the 75% threshold required for proposals to pass.
Just under 82% of shareholders voted in favour of Manifold’s election, a rebuke of the appointment made in October 2025, given that directors typically receive approvals of close to 100%.
Two proxy advisers, Glass Lewis and ISS as well as top 10 BP shareholder Legal & General Investment Management, had recommended shareholders vote against BP’s proposals, citing concerns that Manifold was reducing the company’s transparency.
BP had proposed to revoke two previous shareholder resolutions from 2015 and 2019 requiring the oil major to release climate-related data, arguing mandatory climate disclosures rendered the resolutions redundant. It also requested that the company be permitted to hold electronic-only general meetings, stating that more of its shareholders outside the UK would be enabled to take part.
The board faced criticism from shareholders after it declined to put through a resolution from activist group Follow This requesting that the company set out strategies for maintaining shareholder value if oil and gas demand declines. Manifold argued the resolution had not been submitted correctly: “There is no question of anybody blocking anything. If you don’t submit a resolution in compliance with the rules, we are legally bound not to accept it.”
Former Woodside boss Meg O’Neil took over as BP CEO at the beginning of April.
